This seven CPE hour course reviews top accounting issues: going concern: SAS No. 132, accounting and auditing under the new leasing standard, how to audit in a COVID-19 environment, and major audit issues: SAS 141, 142, and 143. The course discusses Statement on Auditing Standards (SAS) No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, from the AICPA’s Audit Standards Board (ASB). SAS No. 132 includes many significant changes in authoritative professional standards concerning going concern issues. It represents changes to the Generally Accepted Auditing Standards (GAAS) concerning “going concern” reporting for entities. It provides external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard, Accounting Standards Codification (ASC) Topic 842, Leases. It discusses the new accounting and financial reporting requirements and how to substantively and analytically test them in accordance with Professional Standards. It also provides external auditors with both practical and insightful perspectives on how to navigate an audit engagement of a private company during the global pandemic. It reviews recent issues from the AICPA’s Auditing Standards Board (ASB) for private entities, including implementation issues with new effective dates. New and revised audit standards, attestation standards, and other recent pronouncements about auditing will be discussed. Also, the revised auditing standards resulting from the COVID-19 pandemic will be examined for current application.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: August 2021
Designed For
CPAs, Auditors, Accountants, Finance Professionals, Executive management/ Board members and Audit Committee members, and Legal and Compliance professionals
Topics Covered
- Overview of SAS No. 132
- In Front of the Issues
- Going Concern and Audit Problems
- COVID-19 Issues
- Tips for Auditors and Management
- Overview of FASB ASC Topic 842
- Accounting Under ASC Topic 842
- Auditing Under ASC Topic 842 for Lessee Clients
- Proper Planning During the Pandemic
- Changes in Certain Audit Procedures
- Understanding the Internal Control Environment Remotely
- Management Representation Letters
- Increase in Going Concern Assessments
- SOC Reports
- Significant Financial Reporting and Disclosure Implications
- Auditor's Report Implications
- AICPA Auditing Standards Update
- Statements on Auditing Standards 141, 142, and 143
- Changes to Attestation from the ASB: SSAES 20, 21, and 22
- COVID-19: Going Concern, Emphasis of Matter, and Scope Limitations
- Subsequent Events and COVID-19: Past, Present, and Future
- Risks and Uncertainties Plus COVID-19
Learning Objectives
- Identify updates on ASB No. 132
- Describe updates on selected AICPA auditing standards
- Describe updates on selected FASB standards
- Recognize and apply going concern audit deficiencies
- Identify updates on selected related and connected issues
- Differentiate SASs superseded by the new standards
- Describe correct statements regarding SAS No. 132
- Differentiate Accounting Standards Update (ASU) Sections and how they apply
- Identify a going concern condition or event related to the supply chain
- Recognize the FASB's new leasing standard requirements
- Identify the new accounting and reporting requirements of leases
- Identify which audit procedures to perform
- Recognize how to properly audit the transition requirements and initial adoption of the new standard
- Recognize the types of transactions that fall within the scope of ASC Topic 842
- Identify the first question to be considered when determining whether an arrangement contains a lease
- Identify an example of an initial direct cost (IDC) of a lease
- Identify areas of the audit where risk has gone up significantly due to the COVID-19 pandemic
- Recognize viable alternative audit procedures to perform
- Describe how to address potential reporting implications
- Differentiate FASB ASC Topics and how they apply
- Recognize the specific steps in the order of asset impairment testing
- Summarize the auditing pronouncements that may impact private companies that come from the Auditing Standards Board (ASB) of the AICPA and review other recent audit releases that affect the non-issuing entities
- Identify the changes in Statement on Auditing Standards (SAS) Nos. 141, 142, and 143
- Recognize changes to attestation in Statement on Standards for Attestation Engagements (SSAE) Nos. 20, 21, and 22
- Understand auditing issues and financial reporting considerations related to the COVID-19 pandemic
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (7 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.